HomeMy WebLinkAbout137 - 11/01/2011 - MAKING ANNUAL APPROPRIATIONS FOR THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR 2012 AND FIX ORDINANCE NO. 137, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING ANNUAL APPROPRIATIONS FOR THE DOWNTOWN DEVELOPMENT
AUTHORITY FOR THE FISCAL YEAR 2012 AND FIXING THE MILL LEVY
FOR FISCAL YEAR 2012
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS,on September 8,2011,the DDA Board of Directors(the"DDA Board"),acting
under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning
January 1, 2012 and determined the mill levy necessary to provide for payment during fiscal year
2012 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of TWO MLLION,
FOUR HUNDRED SIXTY SIX THOUSAND, SEVEN HUNDRED TWENTY SIX DOLLARS
($2,466,726)in the DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal
year beginning January 1, 2012 and ending December 31, 2012, to be used as follows:
DDA Operations & Maintenance $ 814,380
DDA Debt Service Fund 1,652,346
$2,466,726
WHEREAS,the DDA Board has recommended to the City Council a mill levy of five mills
upon each dollar of assessed valuation on all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2011.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of EIGHT HUNDRED
FOURTEEN THOUSAND, THREE HUNDRED AND EIGHTY DOLLARS ($814,380), to be
expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION, SIX HUNDRED FIFTY
TWO THOUSAND,THREE HUNDRED AND FORTY SIX DOLLARS($1,652,346),for payment
of debt service on previously issued and outstanding bonds, to pay the City's investment service
charge, and to be used to cover the DDA's one-third share of payment on the Civic Center Parking
Structure.
Section 3. That the 2012 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31, 2011 shall be five(5)
mills, which levy represents the amount of taxes for the District purposes to provide for payment
during the aforementioned fiscal year of all properly authorized expenditures to be incurred by the
DDA. Said mill levy shall be certified to the County Assessor and the Board of County
Commissioners of Latimer County,-Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 18th day of
October, A.D. 2011, and to be presented for final passage on the 1 st day of November, A.D. 2011.
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Passed and adopted on final reading on the 1 st day of November, A.D. 2011.
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